Copper Dec’22 Futures ($US/25,000lbs)

No change, the copper price continues to illustrate the market’s unsure of where the global economy is headed through 2023, the Fed is likely to provide some definitive direction later this week. The bulls could argue that the industrial metal has been extremely resilient in the face of increasing recession fears whereas the bears will counter this often referred to as an excellent leading indicator of economic strength has failed to bounce even after plunging ~35%.

• We remain mildly bullish on copper and very keen buyers of another test of the $US300 area.